So the short answer is no, not always. Why not? Mortgages are amortized, which means that the payments are spread out over the length of the loan in equal amounts. Each month, even though the total payment is the same, the amounts towards interest and principal change with each payment. At the beginning of the loan, the interest portion of the payment is at its highest and the remainder of… Read More »Is a lower rate always a good reason to refinance?